Nuveen Churchill Direct Lending Corp
NYSE:NCDL
Nuveen Churchill Direct Lending Corp
Nuveen Churchill Direct Lending Corp is a US-based company operating in Capital Markets industry. The company is headquartered in New York City, New York and currently employs 0 full-time employees. The company went IPO on 2024-01-25. Nuveen Churchill Direct Lending Corp. is a specialty finance company. The Company’s investment objective is to generate attractive risk-adjusted returns through current income by investing primarily in senior secured loans to private equity-owned U.S. middle market companies. The firm invest in directly originated senior secured loans that typically pay floating interest rates and are senior in the capital structure to junior debt and equity. The firm targets an investment portfolio comprised of at least 80% and up to 100% in first-lien senior secured debt and unitranche loans. The firm seeks to partner with private equity-owned middle market companies that have robust management teams executing on long-term growth strategies. The company also invests in junior capital opportunities, including second-lien loans, subordinated debt, equity co-investments and similar equity-related securities. The firm is externally managed by its Adviser, Churchill DLC Advisor LLC.
Nuveen Churchill Direct Lending Corp is a US-based company operating in Capital Markets industry. The company is headquartered in New York City, New York and currently employs 0 full-time employees. The company went IPO on 2024-01-25. Nuveen Churchill Direct Lending Corp. is a specialty finance company. The Company’s investment objective is to generate attractive risk-adjusted returns through current income by investing primarily in senior secured loans to private equity-owned U.S. middle market companies. The firm invest in directly originated senior secured loans that typically pay floating interest rates and are senior in the capital structure to junior debt and equity. The firm targets an investment portfolio comprised of at least 80% and up to 100% in first-lien senior secured debt and unitranche loans. The firm seeks to partner with private equity-owned middle market companies that have robust management teams executing on long-term growth strategies. The company also invests in junior capital opportunities, including second-lien loans, subordinated debt, equity co-investments and similar equity-related securities. The firm is externally managed by its Adviser, Churchill DLC Advisor LLC.
Net Investment Income: NCDL reported net investment income of $0.43 per share in Q3, down from $0.46 in Q2, mainly due to lower interest income and two new nonaccruals.
Dividend Maintained: The company paid and declared a $0.45 per share dividend for Q4, matching previous quarters, and signaled confidence in covering the payout.
Portfolio Quality: Despite a modest rise in nonaccruals, credit fundamentals remain strong, with nonaccruals at only 0.4% of portfolio fair value and 0.9% at cost.
Deal Activity: Origination slowed intentionally as leverage approached the upper end of the target range, but deal flow and the pipeline remain robust with strong sponsor confidence.
Market Position: NCDL emphasized its focus on the core middle market, portfolio diversification, and has no exposure to recent high-profile bankruptcies.
NAV & Share Price: Net asset value per share declined slightly to $17.85, while management flagged the shares trade at a significant discount to NAV, presenting a value opportunity.
